Filing A Lien
I have a person who wants to borrow $60K for 10 days and pay me $500 for the that.
I told them I would need to place a second mtg lien on their property to secure it.
How do I do this? What form do I use and where does this get recorded?
His situation is this, he is buying a new home and needs 60K for the dp, he has his other house under contract to sell and will close on the 31st of May but needs to close on his new house on the 21st of May.
Any help would be appreciated.
Thanks BK... You are absolutley correct in everything you said. I am in the position to help out and that is all. There is NO profit really to speak about and a BIG risk.
I have posed that question to the borrower as well (what if something happens at closing of the old property) I told him I would be placing a lien on his rental property his wife owns, this property is valued at 120K and has a mortgage of only 8K on it.
I told him if he defaulted I would take that property the day the money is due back to me. I would pay off the 1st of 8K and take the property.
That is the ONLY way I would do this.
Thank you all for the replies.